COLUMBIA, MD. — The Howard Hughes Corp. has broken ground on Marlow, a 472-unit residential property in the Merriweather District in downtown Columbia. The Dallas-based developer is targeting initial occupancy to begin in the fourth quarter of 2022. The seven-story Marlow will span 510,000 square feet, including 32,000 square feet of retail space and approximately 14,000 square feet of amenity space. Amenities will include a fitness center, golf simulator and a dog park. The property will also have a work-from-home lounge equipped with workspaces and private conference rooms. Marlow will have feature patios, promenades, a courtyard, pools, lawn areas and private alcoves, as well as an 800-square-foot rooftop sky lounge.
MIAMI BEACH, FLA. — The Goodtime Hotel, the first collaborative lifestyle hotel brand from David Grutman of Groot Hospitality and Pharrell Williams, has opened on South Beach’s Washington Avenue and 6th Street in Miami Beach. Grutman and Williams worked alongside the real estate developers Michael Fascitelli and Eric Birnbaum of Imperial Cos. to build the hotel. Morris Adjmi was the architect, Ken Fulk was the interior designer and Raymond Jungles was the landscape architect. The Goodtime Hotel has 266 rooms that range from individual queen bed accommodations to a handful of suites. Many rooms hold direct views east to the Atlantic Ocean or west to Biscayne Bay. Each of Goodtime’s guest rooms feature custom bedding, blackout drapes, benches, bath amenities and a pink rotary dial phone. The hotel also has dining options such as Grutman’s Strawberry Moon, a restaurant and 30,000-square-foot pool club. Also, Goodtime has 45,000 square feet of ground-floor retail, a gym and library. The hotel opens for guest stays starting this month.
MEMPHIS, TENN. — Seefried Industrial Properties plans to develop a build-to-suit distribution facility in Memphis for an unnamed e-commerce retailer. Located off Victory Ridge Cove, the last-mile logistics facility will include a 181,500-square-foot standalone package delivery facility used to complement a larger fulfillment center less than half a mile north on New Allen Road. The new building will feature 32-foot clear heights, 17 dock doors, 13 trailer spaces, parking for 953 delivery vans and 290 employee vehicle spaces, as well as 12,190 square feet of office and breakroom space. The project is slated for completion in February 2022. The Conlan Co. will serve as the general contractor, BL Cos. is the architect and The Reaves Firm Inc. is the civil engineer on the project. Seefried Industrial Properties is based in Atlanta and is one of Amazon’s preferred development partners.
WASHINGTON, D.C. — A bipartisan group from the U.S. Senate and House of Representatives has introduced legislation that would expand and strengthen the low-income housing tax credit (LIHTC) program. The Affordable Housing Credit Improvement Act (AHCIA) of 2021 was introduced by senators Maria Cantwell (D-WA), Todd Young (R-IN), Ron Wyden (D-OR) and Rob Portman (R-OH); and representatives Suzan DelBene (D-WA), Jackie Walorski (R-IN), Don Beyer (D-VA) and Brad Wenstrup (R-OH). First introduced in 2016, the most recent version of the AHCIA earned the bipartisan support of more than one-third of the 116th Congress. The 2021 bill would accelerate the proposed housing credit allocation increase and proposes a new flexibility to allow housing credit developments to maximize private activity bond financing. The legislation would also provide states with additional flexibilities, streamline program rules and make the housing credit more effective in rural and Native American communities. The bill would also help states use the housing credit to benefit their lowest-income residents, such as homeless veterans. “More than 10 million households nationwide were paying more than half of their monthly income on rent prior to the COVID-19 crisis, and millions more are now struggling to keep a roof over their heads,” says …
SIMPSONVILLE, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $18.2 million sale of Market at Standing Springs, a 63,883-square-foot, Publix-anchored shopping center in Simpsonville. Zach Taylor of IPA’s Taylor-McMinn Retail Group represented the seller, Carolina Holdings, and the buyer, C.F. Smith Property Group. The buyer is a family office completing a 1031 exchange, according to Taylor. “The buyer was placing funds from a single-tenant Lowe’s Home Improvement that my partner, Don McMinn, sold for it in March,” says Taylor. Completed in 2021, Market at Standing Springs is located at the intersection of West Georgia and East Standing Springs roads near Interstate 385. The tenant roster includes Starbucks.
ORLANDO, FLA. — Universal Parks & Resorts has selected Wendover Housing Partners to design, build and manage an affordable housing community planned in Orlando. The project will be situated near the International Drive corridor, an area identified as high priority by Orange County’s Housing for All Task Force. Universal Creative, a division within Universal Parks & Resorts, will work with Wendover Housing on the overall plan for the new community. A Universal selection committee chose Wendover Housing from five finalists whittled down from 17 developers that submitted initial proposals. Wendover Housing, based in nearby Altamonte Springs, Fla., will help with creating Universal’s vision for affordable housing on the 20-acre site. The community will include 1,000 apartments, as well as 16,000 square feet of retail space. The development will have at least 75 percent of its apartments be dedicated to affordable housing. Construction is expected to begin in late 2022. Ownership of the site has been transferred from Universal to a not-for-profit established by the company called Housing for Tomorrow whose role is to oversee the initiative. The organization will retain ownership of the site and serve as master developer, entering into a 55-year ground lease with Wendover Housing. Housing for …
WASHINGTON, D.C. — The U.S. Commerce Department reports that retail sales increased 9.8 percent in March, following a 2.7 percent decrease in February. The numbers surpassed the Dow Jones economists’ prediction of a 6.1 percent gain for the month. The sales growth is the biggest monthly gain since May 2020 (18.3 percent), which also came after a round of stimulus checks. According to CNBC, the newly issued stimulus checks gave consumers more discretionary income to spend on goods and services from retailers and restaurants than they had in February. The sporting goods, clothing and food and beverage categories generated the greatest increases in sales since pre-pandemic. Bar and restaurants saw an increase of 13.4 percent, while sporting goods sales increased by 23.5 percent. Clothing and accessories retailers had an 18.3 percent increase, and motor vehicle parts and dealers experienced a 15.1 percent jump. Some economists predict that people are still trying to save a portion of their stimulus checks. According to the CNBC, people saved 34.5 percent of stimulus checks and spent 29.2 percent. The news outlet also reported that inflation is becoming an increasing worry for economists as there has already been an increase in gas prices.
WASHINGTON, D.C. — A total of 576,000 Americans filed for first-time unemployment assistance for the week that ended April 10, the U.S. Department of Labor reported Thursday. These claims were the lowest figures seen since March 14, 2020 (256,000 claims). The amount of initial jobless claims was lower than the 744,000 figure that economists surveyed by Dow Jones predicted. Continuing claims, for which data lags a week, decreased by 98,000 to a little more than 3.76 million. In addition to the stimulus checks distributed last month, unemployed workers can get an additional $300 each week until September of this year. Currently more people are spending money on gyms, hotels and restaurants as they have more discretionary income, according to CNBC. Despite the positive tailwinds, the U.S. economy remains in recovery mode. U.S. payrolls in March were still lower than their level in February 2020 by approximately 8.4 million.
TAMPA, FLA. — Ready Capital has closed a $30.1 million loan for the acquisition, renovation and lease-up of an approximately 250,000-square-foot, Class B office property in Tampa. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. The name of the borrower and property were not disclosed. The non-recourse, interest-only loan features a 36-month term, floating interest rate, two extension options and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Planned property improvements include new signage, HVAC upgrades, curb replacements and the buildout of rent-ready speculative suites.
DURHAM, N.C. — Duke Health has opened a newly built center at Duke Regional Hospital in Durham that services behavioral therapy patients. The new center plans to combine the behavioral health services that had been offered separately at Duke University and Duke Regional hospitals. The facility, known as Duke Behavioral Health Center North Durham, cost $102.4 million to build. The Duke Behavioral Health Center North Durham project also includes an expansion of the hospital’s emergency department, which has been moving into the new space on a rolling basis as construction is completed. The new behavioral health services at the facility include 42 private inpatient rooms with two courtyards; 18 private treatment spaces in the emergency department with a courtyard; 30 outpatient clinic rooms; and electroconvulsive therapy. The new addition increases capacity from 36 to 49 treatment rooms. Construction started inside in the hospital in March 2018. The public entrance that had recently been near Cancer Services opened yesterday at its permanent location off Crutchfield Street, adjacent to the main hospital building.